"WFW Advises DNB Bank on $239.7 Million Loan for International Seaways' New Vessel Financing"

"Watson Farley & Williams LLP advised DNB Bank ASA on a $239.7 million term loan facility for International Seaways, Inc. to finance six new vessels. The loan, secured by the tankers under construction in Korea, includes credit support from Korean ECA K-SURE. The first vessel was delivered in September 2025, with the others to follow. DNB, Norway's largest financial services group, specializes in shipping finance, while INSW is a major US-listed tanker company. The advisory team included experts from both London and New York."

In a recent transaction, Watson Farley & Williams LLP (WFW) advised DNB Bank ASA, Lee & Ko acted as DNB’s Korean legal counsel, Walkers served as DNB’s Bermudan legal counsel, and Holland & Knight LLP along with Carey Olsen provided legal assistance to International Seaways, Inc. (INSW). The transaction involved a US$239.7 million term loan facility granted by DNB to INSW to finance the construction of six newly built vessels. The loan facility is secured by six LR1 product tankers currently under construction by K Shipbuilding Co, Ltd in Korea, with the first vessel, the Seaways Alacran, delivered in September 2025. The WFW Maritime team advising DNB was led by London Assets and Structured Finance Partner Richard Dibble, with support from Senior Associate Parit Patani, Associate Chloe Konstantinides, and Trainee Solicitors Mike Gorry and Rufus Hart. In New York, Partner John Benson, along with Senior Associate Elina Kremen and Paralegal Vasso Kanellopoulou, provided counsel on New York and Marshall Islands law, while Partner Daniel Pilarski contributed US tax expertise.

"WFW Advises DNB Bank on $239.7 Million Loan for International Seaways' New Vessel Financing"

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